This section has no associated Explanatory Notes
691(1)Amend section 1262 (allocation of firm's profits or losses between partners) as follows.U.K.
(2)In subsection (2)—
(a)for “pays charges on income” substitute “ makes qualifying charitable donations ”,
(b)for “share of the charges” substitute “ share of the donations ”, and
(c)for “charges are paid” substitute “ donations are made ”.
(3)Omit subsection (3).